Question 1

Microsoft, which produces very popular Windows software, owns the copyright for its products.Microsoft has a(n) ____ for these products.

Accepted Answer

A)  monopoly 
B)  oligopoly 
C)  natural monopoly 
D)  limited monopoly 
E)  illegal monopoly 
A)  monopoly 
B)  oligopoly 
C)  natural monopoly 
D)  limited monopoly 
E)  illegal monopoly

Question 2

A person who risks his or her time, effort, and money to start and operate a business is called a(n)

Accepted Answer

A)  free-market specialist. 
B)  entrepreneur. 
C)  intrapreneur. 
D)  competitor. 
E)  profit taker. 
A)  free-market specialist. 
B)  entrepreneur. 
C)  intrapreneur. 
D)  competitor. 
E)  profit taker.

Question 3

In order for a business to be successful, it must be organised, it must satisfy needs, and it must make a profit.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following represents the biggest customer of a nation's business?

Accepted Answer

A)  Government 
B)  Other businesses 
C)  Foreign governments 
D)  Consumers 
E)  The military 
A)  Government 
B)  Other businesses 
C)  Foreign governments 
D)  Consumers 
E)  The military

Question 5

When an individual chooses his or her ideal career, it is most likely a reflection of one's

Accepted Answer

A)  values. 
B)  hobbies. 
C)  skills. 
D)  education. 
E)  desire to be rich. 
A)  values. 
B)  hobbies. 
C)  skills. 
D)  education. 
E)  desire to be rich.

Question 6

____ resources are the individuals who provide labour for an organisation in exchange for wages.

Accepted Answer

A)  Human 
B)  Material 
C)  Labour 
D)  Financial 
E)  Informational 
A)  Human 
B)  Material 
C)  Labour 
D)  Financial 
E)  Informational

Question 7

An oligopoly is a market situation in which there is one producer and a few large buyers.

Accepted Answer

A) True 
 B)False

Question 8

Adam Smith argued that the creation of wealth is a proper concern of government.

Accepted Answer

A) True 
 B)False

Question 9

Which economist has been called the father of communism?

Accepted Answer

A)  Adam Smith 
B)  Fidel Castro 
C)  Mark Cuban 
D)  Karl Marx 
E)  Alan Greenspan 
A)  Adam Smith 
B)  Fidel Castro 
C)  Mark Cuban 
D)  Karl Marx 
E)  Alan Greenspan

Question 10

Researchers just released the results of a study that shows much of the shellfish eaten contains chemicals that some consider unsafe for consumption.What will likely result from this new information?

Accepted Answer

A)  The demand for shellfish will increase. 
B)  The supply of shellfish will decrease, causing a decrease in the price. 
C)  The demand for shellfish will increase at every price. 
D)  The demand for shellfish will decrease at every price. 
E)  The demand for shellfish will likely remain the same, but the market price will adjust. 
A)  The demand for shellfish will increase. 
B)  The supply of shellfish will decrease, causing a decrease in the price. 
C)  The demand for shellfish will increase at every price. 
D)  The demand for shellfish will decrease at every price. 
E)  The demand for shellfish will likely remain the same, but the market price will adjust.

Question 11

The total of all federal deficits in a nation is called the

Accepted Answer

A)  economic debt. 
B)  federal deficit. 
C)  fiscal debt. 
D)  national debt. 
E)  consumer debt. 
A)  economic debt. 
B)  federal deficit. 
C)  fiscal debt. 
D)  national debt. 
E)  consumer debt.

Question 12

The current technology environment

Accepted Answer

A)  is not as important as it was fifteen years ago. 
B)  does not affect manufacturing firms. 
C)  changes the way business firms communicate with customers. 
D)  doesn't change as often as it did fifteen years ago. 
A)  is not as important as it was fifteen years ago. 
B)  does not affect manufacturing firms. 
C)  changes the way business firms communicate with customers. 
D)  doesn't change as often as it did fifteen years ago.

Question 13

When a business distributes profits to business owners, these profits become household income and are removed from the circular flow of the economy.

Accepted Answer

A) True 
 B)False

Question 14

Cultural diversity represents

Accepted Answer

A)  a business theory that is no longer valid. 
B)  the differences among people in a workforce. 
C)  a technical skill. 
D)  a statistical method used to project sales revenues and profits for global companies. 
E)  a religious issue that doesn't affect business organisations. 
A)  a business theory that is no longer valid. 
B)  the differences among people in a workforce. 
C)  a technical skill. 
D)  a statistical method used to project sales revenues and profits for global companies. 
E)  a religious issue that doesn't affect business organisations.

Question 15

A working knowledge of our business system combined with technical skills can give an applicant an advantage in looking for a job.

Accepted Answer

A) True 
 B)False

Question 16

The economic term used to describe the government's influence on savings and changing the levels of government spending is

Accepted Answer

A)  monetary policy. 
B)  fiscal policy. 
C)  debt policy. 
D)  recovery technique. 
E)  recovery guideline. 
A)  monetary policy. 
B)  fiscal policy. 
C)  debt policy. 
D)  recovery technique. 
E)  recovery guideline.

Question 17

The four basic questions in a capitalist economy are what to produce, how to produce, who should produce, and when to produce.

Accepted Answer

A) True 
 B)False

Question 18

When a firm's expenses are greater than its sales revenue, the firm has a

Accepted Answer

A)  profit. 
B)  loss. 
C)  negative cash flow. 
D)  recession. 
E)  depression. 
A)  profit. 
B)  loss. 
C)  negative cash flow. 
D)  recession. 
E)  depression.

Question 19

Perfect competition is the market situation in which a product has many buyers and sellers, and no single buyer or seller is powerful enough to affect a product's price.

Accepted Answer

A) True 
 B)False

Question 20

The services that government provides would not be produced by private business firms or would be produced only for those who could afford them.

Accepted Answer

A) True 
 B)False

Microsoft, which produces very popular Windows software, owns the copyright for its products.Microsoft has a(n) ____ for these products.

A person who risks his or her time, effort, and money to start and operate a business is called a(n)

In order for a business to be successful, it must be organised, it must satisfy needs, and it must make a profit.

Which of the following represents the biggest customer of a nation's business?

When an individual chooses his or her ideal career, it is most likely a reflection of one's

____ resources are the individuals who provide labour for an organisation in exchange for wages.

An oligopoly is a market situation in which there is one producer and a few large buyers.

Adam Smith argued that the creation of wealth is a proper concern of government.

Which economist has been called the father of communism?

Researchers just released the results of a study that shows much of the shellfish eaten contains chemicals that some consider unsafe for consumption.What will likely result from this new information?

The total of all federal deficits in a nation is called the

The current technology environment

When a business distributes profits to business owners, these profits become household income and are removed from the circular flow of the economy.

Cultural diversity represents

A working knowledge of our business system combined with technical skills can give an applicant an advantage in looking for a job.

The economic term used to describe the government's influence on savings and changing the levels of government spending is

The four basic questions in a capitalist economy are what to produce, how to produce, who should produce, and when to produce.

When a firm's expenses are greater than its sales revenue, the firm has a

Perfect competition is the market situation in which a product has many buyers and sellers, and no single buyer or seller is powerful enough to affect a product's price.

The services that government provides would not be produced by private business firms or would be produced only for those who could afford them.

Responsible Business

Global Business

Types of Business Ownership

Small Business, Entrepreneurship, and Franchises

Leadership and Managing a Business

Flexibility Within the Organisation

Products and Services

Recruitment and Retaining the Best Employees

Employee Motivation and Team Building

The Marketing Concept

Aproduct Development and Pricing Strategies

Marketing Channels

Marketing Communications

Social Media and E-Business

Introduction to Management Accounting

Money and the Banking System

Financial Management

Personal Finances and Investments

Filters

Exam 1: Introduction to Business

Microsoft, which produces very popular Windows software, owns the copyright for its products.Microsoft has a(n) ____ for these products.

A person who risks his or her time, effort, and money to start and operate a business is called a(n)

In order for a business to be successful, it must be organised, it must satisfy needs, and it must make a profit.

Which of the following represents the biggest customer of a nation's business?

When an individual chooses his or her ideal career, it is most likely a reflection of one's

____ resources are the individuals who provide labour for an organisation in exchange for wages.

An oligopoly is a market situation in which there is one producer and a few large buyers.

Adam Smith argued that the creation of wealth is a proper concern of government.

Which economist has been called the father of communism?

Researchers just released the results of a study that shows much of the shellfish eaten contains chemicals that some consider unsafe for consumption.What will likely result from this new information?

The total of all federal deficits in a nation is called the

The current technology environment

When a business distributes profits to business owners, these profits become household income and are removed from the circular flow of the economy.

Cultural diversity represents

A working knowledge of our business system combined with technical skills can give an applicant an advantage in looking for a job.

The economic term used to describe the government's influence on savings and changing the levels of government spending is

The four basic questions in a capitalist economy are what to produce, how to produce, who should produce, and when to produce.

When a firm's expenses are greater than its sales revenue, the firm has a

Perfect competition is the market situation in which a product has many buyers and sellers, and no single buyer or seller is powerful enough to affect a product's price.

The services that government provides would not be produced by private business firms or would be produced only for those who could afford them.

Responsible Business

Global Business

Types of Business Ownership

Small Business, Entrepreneurship, and Franchises

Leadership and Managing a Business

Flexibility Within the Organisation

Products and Services

Recruitment and Retaining the Best Employees

Employee Motivation and Team Building

The Marketing Concept

Aproduct Development and Pricing Strategies

Marketing Channels

Marketing Communications

Social Media and E-Business

Introduction to Management Accounting

Money and the Banking System

Financial Management

Personal Finances and Investments

Filters